Chinese largest local refiner Shandong Dongming Petrochemical Group has signed a long-term crude oil purchase and supply agreement with international oil company BP, according to a local report on Thursday citing Zhang Liucheng, vice president of the refiner. "Shandong Dongming Petrochemical Group is the only local refiner in China with the ability to receive large-scale crude oil carriers. We would buy more if prices are ok," said Zhang.
Shandong Dongming Petrochemical Group has ordered the first batch of crude oil, which could be delivered in February 2016. Shandong Dongming Petrochemical Group is also holding proactive talks with other crude oil suppliers as the refiner needs two to three large-scale cargoes of crude oil, according to Zhang, who didn't say size of the deal with BP.
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